Transcription of LOCAL TAXES - ntrc.gov.ph
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LOCAL TAXES - ntrc.gov.ph
guide to Philippine Taxes220 Chapter XI LOCAL TAXES371 LOCAL government units (LGUs) derive their revenues from localand external sources. LOCAL sources include tax revenues from the realproperty tax and the business tax, and non-tax revenues from fees andcharges, receipts from government business operations and proceeds fromsale of assets. External sources, on the other hand, include the InternalRevenue Allotment (IRA) and other shares from special laws, grants andaids and TAXING POWERS OF LOCAL GOVERNMENTSA. TAXES on Real Propertya. Basic Real Property TaxThe real property tax (RPT) is an ad valorem tax onreal properties such as lands, buildings, and other improvements,and machineries imposed by provinces, cities and municipalitieswithin the Metropolitan Manila Area (MMA), at the followingrates:372371 Book II, Title One of RA 7160, otherwise known as the LOCAL GovernmentCode of 1991.
Guide to Philippine Taxes Agricultural – 25% for those with FMV of PhP300,000.00 or less to 50% for those with FMV of more than PhP2 million. Commercial/Industrial – 30% for those with FMV of PhP300,000.00 or less to 80% for those with FMV of more than PhP10 million. Timberland – 45% for those with FMV of
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